What's a U.S. Bank Smart Refinance?

Unlike a traditional refinance where only the rates and terms are adjusted, a Smart Refinance is a no-closing-cost mortgage refinance option that lets you take advantage of lower rates, get cash out at closing and change your loan term to 5, 10, 15 or 20 years.

Find Smart Refinance rates1 by location.

The rates shown are the current national average. Enter your location details for rates in your area.

Where is your property?

15-year term Smart Refinance rate

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20-year term Smart Refinance rate

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Rates shown for loans between the amount of $50,000 – $200,000, up to 70% loan to value (LTV), and for customers with automatic payments from a U.S. Bank personal checking or savings account with a FICO score of 730 or higher.1 Rates may vary by region and are subject to change.

We’re sorry.

U.S. Bank currently doesn’t offer Smart Refinance in your location. Other options, including home equity loans and home equity lines of credit, may be available.

Calculate how much you could save with a Smart Refinance.

This Smart Refinance calculator provides customized results based on the information you provide. But, like any estimate, it also makes assumptions about mortgage insurance and other costs, which can be significant.

Benefits of a U.S. Bank Smart Refinance

Fast and easy process

Get started online or get personalized attention over the phone or in any branch. Your loan closing will take place at a U.S. Bank branch near you.

Competitive rates and no out-of-pocket costs

Lock in competitive interest rates with 5-, 10-, 15- and 20-year terms. In addition, there are:

  • No closing costs
  • No origination fees
  • No prepayment penalties
  • No application processing fees

Cash at closing

Easily tap into the equity you’ve built in your home by getting cash out at closing. You can then use your money for home improvement projects, major purchases, debt consolidation or other needs.

Obtaining a Loan Estimate for a Smart Refinance

A Loan Estimate provides important details about your loan, including the estimated interest rate, monthly payment and total closing costs. A banker can help you obtain a Loan Estimate without completing a full loan application.

Call 800-642-3547

Get answers to frequently asked questions about Smart Refinance.

  1. Application – you can start your application online, by calling 866-829-2347, or by visiting a nearby U.S. Bank branch.
  2. Documentation – we’ll contact you after we’ve reviewed your application. We’ll need proof of income and insurance and will let you know if we need any other documents.
  3. Property appraisal – we’ll work with an appraiser to determine the value of your property. The appraiser may reach out to you if needed.
  4. Closing – if your Smart Refinance is approved, we’ll call to schedule your closing.

It’s a first mortgage. Unlike a home equity loan, a Smart Refinance is a first lien against your home, not a second.

It’s a loan. It has a fixed rate and a term up to 20 years.

No. It can only be used to refinance an existing mortgage on your existing primary residence. If you want to purchase a new home, explore your options with U.S. Bank Home Mortgage.

Yes. If you have enough equity in your home, you can consolidate all of your debt into a Smart Refinance. This includes a home equity loan, a line of credit, credit card, car loan or any other debt.

We offer terms up to 20 years, including 5-year, 10-year and 15-year terms, with no closing costs.

Get started

Start your application
Call 866-829-2347
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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

Calculators are provided by Leadfusion. This calculator is being provided for educational purposes only. The results are estimates that are based on information you provided and may not reflect U.S. Bank product terms. The information cannot be used by U.S. Bank to determine a customer's eligibility for a specific product or service. All financial calculators are provided by the third-party Leadfusion and are not associated, controlled by or under the control of U.S. Bank, its affiliates or subsidiaries. U.S. Bank is not responsible for the content, results, or the accuracy of information.

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  1. Smart Refinance: As of April 21, 2023, the fixed annual percentage rate (APR) of 7.30% is available for 15-year first position home equity installment loans $50,000 to $200,000 with loan-to-value (LTV) of 70% or less. Rates may vary based on LTV, credit scores or other loan amount. In order to receive the lowest rate advertised, a set-up of automatic payments from a U.S. Bank personal checking or savings account is required but neither are required for loan approval.

    Loan payment example: on a $100,000 loan for 180 months at 7.30% interest rate, monthly principal and interest payments would be $915.68 over the full term of the loan. Payment example does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included and an initial customer deposit may be required if an escrow account for these items is established. APR is 7.30%. Smart Refinance loans not available for properties held in a trust in the state of Oklahoma. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Property insurance is required. Other restrictions may apply.

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The Consumer Pricing Information disclosure lists fees, terms and conditions that apply to U.S. Bank personal checking and savings accounts and can be obtained by visiting a branch or calling 800-872-2657.